KUALA LUMPUR, March 30 (Reuters) - Malaysia's palm oil industry could contribute 7.6 percent of real GDP by 2020, outstripping the electronics sector, estimates and recommendations from the National Economic Advisory Council show.
This makes palm oil a key sector that will drive the Southeast Asian country's New Economic Model, which Prime Minister Najib Razak unveiled on Tuesday.
Wednesday, March 31, 2010
Breaking News-RTRS-Oil World hikes forecast of Argentine soybean crop
HAMBURG, March 30 (Reuters) - Argentina's 2010 soybean crop is likely to rise to 53.3 million tonnes from 32 million tonnes in 2009, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
This was up by 1.3 million tonnes from Oil World's previous estimate on March 2.
It also raised its forecast of Brazil's 2010 soybean crop to 66.0 million tonnes, a more moderate rise of 0.5 million tonnes from its previous forecast and up from 57.5 million tonnes last year.
This was up by 1.3 million tonnes from Oil World's previous estimate on March 2.
It also raised its forecast of Brazil's 2010 soybean crop to 66.0 million tonnes, a more moderate rise of 0.5 million tonnes from its previous forecast and up from 57.5 million tonnes last year.
Breaking News-RTRS-China Dalian soyoil up on import curb talk -trade
BEIJING, March 30 (Reuters) - China's Dalian soyoil and palmoil contracts <0#DBY:> <0#DCP:> traded higher on Tuesday, supported by market talk that the government may take measures to restrict imports of soyoil, traders said.
The commerce ministry has asked 16 edible oil companies for an emergency meeting, triggering speculation that the government might take steps to restrict imports because it has a surplus of supplies at home, the Dalian Commodity Exchange said in a short notice to media.
The commerce ministry has asked 16 edible oil companies for an emergency meeting, triggering speculation that the government might take steps to restrict imports because it has a surplus of supplies at home, the Dalian Commodity Exchange said in a short notice to media.
Trader's Highlight
DJI-NEW YORK, March 30 (Reuters) - U.S. stocks rose in a slow session on Tuesday on data showing more stabilization in the economy, while Apple Inc rallied on a report that it was developing a new iPhone.
With the S&P 500 <.SPX> now up 73.4 percent from the March 2009 bottom and on track for a fourth straight quarterly gain, investors chose to lock in profits, with financials taking the brunt of the selling.
The Dow Jones industrial average <.DJI> edged up 11.56 points, or 0.11 percent, to end at 10,907.42, not far below the 11,000 mark. The Standard & Poor's 500 Index <.SPX> added just 0.05 of a point, or 0.00 percent, to 1,173.27. The Nasdaq Composite Index <.IXIC> rose 6.33 points, or 0.26 percent, to close at 2,410.69.
NYMEX-NEW YORK, March 30 (Reuters) - U.S. crude oil futures rose slightly in post-settlement trading on Tuesday, after industry data showed a much smaller-than-expected increase in crude stocks last week.
Heating oil and gasoline futures edged up, as data from the American Petroleum Institute showed that distillate and gasoline supplies fell, but by less than analysts had forecast.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), May crude was up 44 cents at $82.61 a barrel. It had settled up 20 cents, or 0.24 percent, at $82.37, trading from $81.77 to $82.74.
CBOT-CHICAGO, March 30 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May up 6-1/2 cents at $9.74 per bushel. Nearby May leads the way up on shrinking U.S. soy supplies and concern about labor unrest in Argentina. May/November widened 5-1/2 cents and May/November closed at 42-1/2 cents, premium May.
CBOT-SOYOIL - May down 0.60 cent at 38.67 cents per lb. Pressured by talk that China may take steps to restrict imports on soyoil.
FCPO-KUALA LUMPUR, March 30 (Reuters) - Malaysian crude palm oil futures rose 1 percent on Tuesday, recovering from seven-week lows on stronger crude oil prices.
Traders said the palm oil market, which has lost 4.4 percent so far this year, could rebound as it has been oversold for many days.
The benchmark June crude palm oil contract on the Bursa Malaysia Derivatives Exchange gained 25 ringgit to settle at 2,545 ringgit ($779.5) after going as low as 2,501 ringgit -- a level unseen since Feb 5. Overall traded volume surged to 19,557 lots of 25 tonnes each from the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, March 30 (Reuters) - Thai stocks rose on Tuesday, turning round after three days of losses as investors bought energy shares as oil firmed, but Malaysia ended flat, shrugging off the prime minister's promise of economic reforms.
Other major markets in the region were little changed, with Singapore edging up 0.15 percent and Indonesia inching up 0.13 percent. Bucking the trend, Vietnam <.VNI> fell nearly 1 percent.
Malaysia's index <.KLSE> was flat even though Prime Minister Najib Razak unveiled long-promised economic reforms on Tuesday, with plans to reduce race-based programmes in what he described as a "bold transformation". A lack of detail prompted scepticism.
In Singapore, Singapore Telecoms fell 0.3 percent while Wilmar International rose 1.5 percent.
With the S&P 500 <.SPX> now up 73.4 percent from the March 2009 bottom and on track for a fourth straight quarterly gain, investors chose to lock in profits, with financials taking the brunt of the selling.
The Dow Jones industrial average <.DJI> edged up 11.56 points, or 0.11 percent, to end at 10,907.42, not far below the 11,000 mark. The Standard & Poor's 500 Index <.SPX> added just 0.05 of a point, or 0.00 percent, to 1,173.27. The Nasdaq Composite Index <.IXIC> rose 6.33 points, or 0.26 percent, to close at 2,410.69.
NYMEX-NEW YORK, March 30 (Reuters) - U.S. crude oil futures rose slightly in post-settlement trading on Tuesday, after industry data showed a much smaller-than-expected increase in crude stocks last week.
Heating oil and gasoline futures edged up, as data from the American Petroleum Institute showed that distillate and gasoline supplies fell, but by less than analysts had forecast.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), May crude
CBOT-CHICAGO, March 30 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, March 30 (Reuters) - Malaysian crude palm oil futures rose 1 percent on Tuesday, recovering from seven-week lows on stronger crude oil prices.
Traders said the palm oil market, which has lost 4.4 percent so far this year, could rebound as it has been oversold for many days.
The benchmark June crude palm oil contract
REGIONAL EQUITIES-BANGKOK, March 30 (Reuters) - Thai stocks rose on Tuesday, turning round after three days of losses as investors bought energy shares as oil firmed, but Malaysia ended flat, shrugging off the prime minister's promise of economic reforms.
Other major markets in the region were little changed, with Singapore edging up 0.15 percent and Indonesia inching up 0.13 percent. Bucking the trend, Vietnam <.VNI> fell nearly 1 percent.
Malaysia's index <.KLSE> was flat even though Prime Minister Najib Razak unveiled long-promised economic reforms on Tuesday, with plans to reduce race-based programmes in what he described as a "bold transformation". A lack of detail prompted scepticism.
In Singapore, Singapore Telecoms
CBOT Soyoil Daily: Weaken
Market momentum weaken further following prices violated the immediate downside support at Usc39.00. Thus, market may move sideways to lower in near term. To the upside resistance is pegged at USc40.00 while downside support is lies at USc38.50-38.00.
FKLI Daily: Facing some resistance at 1328 levels
Market looks is facing some resistance at 1328 levels. Violation of it may lift market to challenge the recent high at 1337 levels. To the downside, support is pegged at 1310-1300.
FCPO Daily: 2500 levels defended
Market defended at 2500 levels and rebounded after drop for straight two days. However, immediate technical landscape remains weak. Thus, market looks may continue to move sideways to lower in near term. As for now, we continue to look for the upside resistance at 2595-2600. While, immediate downside support is lies at 2500 followed by 2470-2462 (gap left over since 3/2/2010).
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